BMI View: While Namibia's business environment is receptive to foreign investment, the country'srelatively small pharmaceutical market and below average per capita spending on medicines means thatmultinationals are instead drawn to other, more lucrative South African countries. As a result, Namibia isheavily reliant on imports for the majority of its pharmaceuticals needs and we expect this to remain thecase over the long term.

Headline Expenditure Forecasts

- Pharmaceuticals: NAD2.34bn (USD180mn) in 2015 to NAD2.56bn (USD160mn) in 2016; +9.4% inlocal currency and -12.7% in US dollar terms. Forecast unchanged from last quarter in local currencyterms and revised downwards in USD terms.

- Healthcare: NAD14.3bn (USD1.12bn) in 2015 to NAD15.7bn (USD980mn) in 2016; +9.9% in localcurrency and -12.3% in US dollar terms. Forecast revised upwards from last quarter.